2014 corporate presentation · 2018-03-13 · 6 th 5,5 billions 2,9 in 2014 13,7% 35% 1,1 billions...
TRANSCRIPT
2014 CORPORATE PRESENTATION Reviewed 4Q14
6 th
5,5 Billions
2,9 IN 2014
13,7%
35%
1,1 Billions
1
19 50 Millions
100 60,6%
12.371 43.400
8
14
40
72
5
4
168
th
MILLION
12.800
10%
4
Corporate structure
Significant expansion since 2000
Cost
a R
ica
Colo
mbia
Colo
mbia
Colo
mbia
Puert
o R
ico
Chile
Cost
a R
ica
Panam
a
Colo
mbia
Mexic
o
Panam
a
Panam
a &
Nic
ara
gua
Colo
mbia
Colo
mbia
Colo
mbia
Colo
mbia
Cost
a R
ica
Cost
a R
ica
Peru
Panam
a
USA
Dom
inic
an
Republic
Mala
ysi
a
Acquisitions (19) Mergers (5) New businesses (6)
Biscuits
Nestlé
Chocolates
Nestlé
2000 2002 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Mala
ysi
a
Colo
mbia
USD 1,7 billion invested
in 19 succesful
acquisitions
5
6
Sales by region
7.0% USA
1.4% Dominican Rep. & Caribbean
2.5% Venezuela
7.9% Chile
3.7% Mexico
7.4% Central America
65.1% Colombia
1.1% Ecuador
2.0% Peru
2.1% Other countries
34.9% International
sales
7
Cold cuts 25%
Biscuits 18%
Chocolates 16%
Coffees 11%
TMLUC 11%
Retail food 8%
Ice cream 6%
Pasta 3%
Cold cuts 23%
Biscuits 18%
Chocolates 14%
Coffees 15%
TMLUC 10%
Retail food 10%
Ice cream 7%
Pasta 3% Cold cuts
10%
Biscuits 24%
Chocolates 15%
Coffees 12%
TMLUC 34%
Retail food 5%
Sales by
business unit
International sales by
business unit EBITDA by
business unit
$2.888 $394 USD1.115
33% 13,7%
USD
millio
n| CO
P/U
SD 2
.378
,56
$363*
$13,4%*
$1.115* 35%*
This information includes El Corral pro-forma sales and EBITDA for 2014
The Retail Food business unit consolidates the result of Grupo El Corral and the ice cream shops in
Central America and Dominican Republic. The results of the ice cream shops were included in the
Ice Cream business units in the previous reports.
* Official 2014 results - COLGAAP
Pro-forma 2014
$2.717*
8
Final price: COP743.401 mm (USD 313mm)
Financing:
Bank loans: COP685.000 mm (USD288mm)
Cash: COP58.401(USD25mm)
MAIN PRO-FORMA FIGURES 2014:
Combined sales: COP407.600 mm (USD171mm)
Ebitda: COP73.500 mm (USD31mm)
Margin: 18%
Stores (Colombia): 345
Stores (Abroad): 17 - franchised
Employees: 4.500+
SILVER CLASS
OWN BRANDS- 93% OF SALES
GLOBAL BRANDS - 7% OF SALES
GRUPO EL CORRAL ACQUISITION:
STRATEGY FOR OUR FIRST CENTURY 1920-2020
“Our Centennial strategy aims to double our 2013 sales by 2020; with sustained profitability between 12% and 14% of the EBITDA margin. To achieve this, we offer our consumers foods and experiences of recognized and beloved brands, that nourish, generate wellness and pleasure, that are distinguished by the best price/value relation; widely available in our strategic region, managed by talented, innovative, committed and responsible people, who contribute to sustainable development.”
* Through organic growth
9
Main strategic goal
9
Differentiating Aspects of our Business Model
10
11
Business Risks
12
Board of directors
Corporate governance
Business model: People
13
Business model: Brands
BRAND MANAGEMENT
MODEL
• Portfolio of 157 brands
• 17 brands selling over $50 MM
• 22 brands with #1 market share in key markets
• 44 brands with over 20 years of existence
• 28 brands present in more than one market
14
15
55,1% +0,9%
Biscuits
Chocolate confectionary 66,6% (A) +0,1% Hot chocolate 63,2% (B) +0,7% Milk modifiers 25,4% (C) -2,3% Nuts 49,3% +1,9% (D)
Chocolates
Roast and ground
coffee (A)
55,8% -0,2%
Soluble coffee (B)
41,6% +0.3%
Coffee
ICE CREAM
ND
Ice cream
52,3% +1,6%
Pasta
73,3% +0,6%
Cold cuts
#2 Private labels 7,3% #3 Friko 0,6%
#2 Nestlé 12,0% #3 Mondelez 10,7%
#2 La Muñeca 30,1% (A) #2 Colombina 7,6% (B) #2 Casa Lúker 25,3% (C) #1 Nestlé 68,9% (D) Frito Lay 25,7%
(A) #2 Águila Roja 23,5% (B) #1 Nestlé 44,4%
TMLUC
(A) #2 Carozzi 35,3% (B) #1 Carozzi 45,0% (C) #1 Nestlé 71,4% (D) #1 Mondelez 51.2%
*ICB= Instant Cold Beverages Source: Nielsen twelve month as of november 2014. (% share as in value and change vs. same period last year)
Market share Colombia: 60.6% (+0,6%)
ICB* 63,2% (A)/-0,2% Pastas 28,8% (B)/-1% Coffee
16,6% (C)/-0,2% Potato Chips 13,5% (D)/+2,8% México ICB* 30,8% (E)/+0,7%
Market share Colombia + TMLUC
REVENUE MIX BY CHANNEL
7% Food Service (HORECA)
7% Alternative
22% Supermarket
chains +1mm
Clients
3% Industrial
61% Traditional (Mom-and- pop Stores) / Independent Retail Stores +12.800
sellers
Business model: Distribution
16
17
International expansion model
18
Internationalization phases
WHAT ARE OUR TARGETS: • Current or new categories with a promising strategic fit • Acquisition processes respectful of existing culture and people • We prefer control • Excellent management teams • Leader brands • High value added and differentiated products • Solid and sustainable business models – No turnarounds. • Way to market/ distribution • Highly innovative companies • Preference for businesses with a sound strategy towards healthy and
nutritional products
Southeast Asia
HEALTH AND NUTRITION Support the growth of our healthy and nutritional products portafolio with acquisitions: • "Good for you" products, dairy, veggies, supplements, natural
juices and nectars, nuts, oats, soy products, dried fruits, aromatics, sugar free, fat free reduced sugar/fats/salt , cereals & grains, enriched or functional products, healthy claim products.
STRATEGIC REGION
M&A Strategy
Interested +
Interested
Not interested
Not interested – not in our region
19
20
Corporate Philosophy and Performance
21
El Reconocimiento Emisores – IR otorgado por la Bolsa de Valores de Colombia S.A. no es una certificación sobre la bondad de los valores inscritos ni sobre la solvencia del emisor
Sustainable growth
22
1.740 1.843 2.243 2.578 2.893 3.092 3.233 3.496 3.795 3.872 4.204 407 454 629
871 1.116
1.496 1.226 1.561
1.511 2.026
2.258
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
CO
P M
ILES
DE
MIL
LON
ES
Sales
International
Colombia
323 326 383 529 570 551 538 568
671 833 864
15,0% 14,2% 13,3% 15,3%
14,2% 12,0% 12,1% 11,2%
12,6% 14,1% 13,4%
0%
5%
10%
15%
20%
0
200
400
600
800
1.000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
CO
P M
ILES
DE
MIL
LON
ES EBITDA
EBITDAMargin
Increasing value generation
last 10 yr: 11,6% CAGR
last 10 yr: 10,3%CAGR
18,7% TACC
9,2% TACC
• 2/3 organic (1/3 price & 2/3 volume) • 1/3 inorganic
Growth
23
Shareholder base / adjusted multiple
35%
33%
16%
10% 6%
Grupo Sura
Other
Other funds
Grupo Argos
Foreign investors
24
10,0
14,2
10,2 10,1 12,6
16,7
12,9 12,0 12,1 12,5
17,0 20,3
14,7 13,1
18,1
23,8
18,5 18,0 16,5 17,3
0
5
10
15
20
25
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EV/EBITDA
EV/EBITDA Alimentos - food EV/EBITDA Total
Multiples (dic-14)
25
Note: Sales, EBITDA and interest of the last 12 months
978
486 399
1.581 1.637
1.780 1.807 1.749
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2.000
dic/10 dic/11 dic/12 dic/13 mar/14 jun/14 sep/14 dic/14
Bil
lio
n p
eso
s
Ratio dic-10 dic-11 dic-12 dic-13 mar-14 jun-14 sep-14 dic-14
Net debt / EBITDA 1.82 0.86 0.59 1.90 1.88 2.04 2.01 2.02
EBITDA / Interest 8.60 8.85 12.74 10.38 8.62 7.11 6.64 6.36
Interest / Sales 1.40% 1.27% 0.99% 1.36% 1.62% 1.96% 2.10% 2.10%
Consolidated net debt
26
Deuda por Moneda (6) Actual
COP 78,4%
CLP 12,8%
PEN 4,5%
USD 3,0%
MXN 1,2%
ARS 0,1%
VEF 0,1%
Deuda por Tasa (6) Actual
IPC 36,9%
DTF 27,5%
IBR 13,9%
TAB Nominal 12,6%
Tasa Fija > 1 Año 4,8%
LIBOR 2,7%
TIIE México 1,2%
Tasa Fija < 1 Año 0,3%
Tasa de EndeudamientoMonto Total Tasa Promedio (5)
Bilateral COP $ 1.174.378.000.000 6,95%
Bonos Fideicomiso GN $ 401.459.000.000 8,81%
Bilateral otras monedas (4)$ 199.163.516.386 5,22%
Cartas de Crédito $ 163.094.824.996 3,19%
Bonos Perú $ 94.834.233.846 8,84%
Finagros $ 81.288.000.000 4,20%
Leasing $ 2.114.459.820 6,98%
Impuestos $ 0 0,00%
Repos $ 0 0,00%
Tasa promedio sin Impuestos 6,80%
Deuda por Plazo (3) (POR VENCIMIENTO)
Largo plazo >5 años. 41,3%
Mediano plazo (1-5 años.) 37,5%
Corto plazo <1 año. 21,2%
Vida media Deuda 4,31
Debt profile
27
Raw materials
COGS BREAKDOWN
(1) Other components with individual participations lower than 1%
GRUPO NUTRESA COMMODITIES INDEX (3Q14)
9,2% Coffee
12,0% Pack. Mat.
8,4% Pork
6,6% Wheat
4,7% Beef
3,8% Sugar
5,3% Cocoa
1,6% Poultry
4,1% Oils & fats
1,9% Milk
46.4% Others(1)
Ba
se 1
00
, D
ecem
ber
20
12
Beginning on January 1, 2014, the basket of raw materials included in the GNCI was updated. The technical
specifications of the GNCI may be obtained at: www.gruponutresa.com/webfm_send/398
92 86
107
144
113 95
112
70
80
90
100
110
120
130
140
150
160
2008 2009 2010 2011 2012 2013 2014
ICGN – Diciembre 2014
32
Alejandro Jiménez Moreno Investor Relations Director Tel: (+574) 3258731 email: [email protected] www.gruponutresa.com
For more information regarding Grupo Nutresa's level 1 ADR, please call The Bank of New York Mellon marketing desks:
New York New York New York London
BNYM-Latin America BNYM-Sell-Side BNYM-Buy-Side BNYM-Sell-Side/Buy-Side
Gloria Mata Kristen Resch Angelo Fazio Mark Lewis
[email protected] [email protected] [email protected] [email protected]
Telephone 212 815 5822 Telephone 212 815 2213 Telephone 212 815 2892 Telephone 44 207 964 6419
This presentation and further detailed information can be found in the following link in our section "Grupo Nutresa Valuation Kit": http://www.gruponutresa.com/es/content/grupo-nutresa-valuation-kit-gnvk
Contact details
33
This document can contain forward looking statements related to Grupo Nutresa S.A. and its subordinated companies, under assumptions and estimations made by company management. For better illustration and decision making purposes Grupo Nutresa’s figures are consolidated; for this reason they can differ from the ones presented to official entities. Grupo Nutresa S.A. does not assume any obligation to update or correct the information contained in this document.
“The IR Recognition granted by Bolsa de Valores de Colombia S.A. (the Colombian Securities Exchange) is not a certification of the registered securities or the solvency of the issuer.”
Disclaimer
4T14 RESULTS
101,0
270,8
172,0 135,2
57,7
378,1
0
50
100
150
200
250
300
350
400
Cold cuts Biscuits Chocolates Coffee Ice cream TMLUC
Mill
ion
International sales US$1.115,2 +3,7%
1.466,3
705,5 729,8
504,9 422,0
238,2
0
200
400
600
800
1.000
1.200
1.400
1.600
Cold cuts Biscuits Chocolates Coffee Ice cream Pasta
Bill
ion
pe
sos
Colombia sales COP $4.204,1 +8,6%
35
Accumulated sales - Colombia and International
Sales per business unit
4Q 2014
Percentage variation in volume (Q) and prices (P)
International sales organic growth Ex-Venezuela: +0.5%
% chg. YoY
Billion pesos
% chg. YoY
Million dollars
+11,1%
+7,9%
-1,2%
+2,7%
-67,1%
+11,0%
+3,2%
+5,0%
-9,2%
+2,3%
Q:+8,5P:+2,4
Q: +7,1 P: +1,4
Q:+8,6 P:+0,2
Q:+5,3 P:+2,4
Q:+0,4 P:-1,6
Q:+13,1 P:-1,9
Q:+1,6 P:+1,5
+8,8%
1.693,9
1.247,7 1.074,3
775,7
537,4
238,2
756,5
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
Cold cuts Biscuits Chocolates Coffee Ice cream Pasta TMLUC
Bill
ion
pes
os
Total sales COP $5.898,5 +9,5%
36
Accumulated sales - Total
Sales per
business unit
4Q 2014
Sales organic growth Ex-Venezuela: +8.3%
% chg. YoY
Billion pesos
+3,2%
-11,3%
+9,3%
+9,3%
+10,7%
-1,7%
39
EBITDA by business unit – December 2014
EBITDA margin % chg. Billion pesos
222,8
168,8
135,0 145,3
80,1
25,1
92,4
0
50
100
150
200
250
Cárnicos Galletas Chocolates Café Helados Pastas TMLUC
Mile
s d
e m
illo
ne
s
EBITDA $864,3 +3,8% margen 13,4%
13,2%
13,5%
12,6%
18,7%
14,9%
10,5%
-10,1%
-1,5%
-12,0%
+6,9%
+8,5%
-2,1%
12,2%
40
EBITDA by business unit – 4Q 2014
EBITDA margin % chg. Billion pesos
65,4
47,3
37,0 34,5
12,7
6,6
25,2
0
10
20
30
40
50
60
70
Cárnicos Galletas Chocolates Café Helados Pastas TMLUC
Mile
s d
e m
illo
ne
s
EBITDA $222,2 -13,8% margen 12,2%
12,6%
13,4%
12,1% 16,3%
9,4%
10,8%
+6,1%
-32,2%
-15,6%
-11,5%
-2,2%
+8,8%
13,3%
-26,5%